Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT:
OYA) (OTCQB: CBUTF) announces its financial results for the quarter
ended September 30, 2023 (“Q3 F2023”). A complete set of Financial
Statements and Management’s Discussion & Analysis (“MD&A”)
has been filed at www.sedarplus.ca. All dollar amounts are
denominated in Canadian dollars.
Q3 F2023 Financial
Highlights:
- Revenue was
$2,273,377, a 404% increase from $451,421 for the quarter ended
September 30, 2022 (“Q3 2022”), and up 202% from $752,325 in
the prior quarter (“Q2 2023”). Revenue was in-line with the
Company's October 5th, 2023 pre-announcement.
- Q3 revenue
represents a record level of quarterly revenue since Q1 2021,
notwithstanding the seasonality in the Company's business.
-
Recurring revenue was $195,315, a 37% increase from $142,940 in Q3
2022.
-
Gross Margin was 37%, up from 30% in Q3 2022.
-
Gross Profit for Q3 2023 was $850,588 compared to $135,575 for Q3
2022, a 527% increase.
-
Adjusted EBITDA was $33,187 versus $(987,427) in Q3 2022, a 103%
improvement from Q3 2022, and a record in the Company’s entire
operating history.
-
As of September 30, 2023, bookings were $2,914,882, an increase of
46%, when compared to $1,991,275 as of December 31, 2022, with
delivery anticipated over the next three years in the case of
Illumience/EaaS and typically in the next four to six months in the
case of production orders. Additionally, the Company booked another
$417,739 of sales in Q3 2023 that were also delivered in Q3
2023.
-
Cash at September 30, 2023 was $1,086,050 versus $853,330 at
December 31, 2022.
-
As of September 30, 2023, the Company has $3,900,304 millions of
available government funding, with $3,337,057 million receivables
in government grants, and $563,247 million receivables in the form
of a 10-year interest free loan to fund its plans going forward
over the next 3 years.
The third quarter of 2023 saw the Company’s
quarterly performance return to its pre-COVID trajectory of a
seasonally stronger second half,” said Miriam Tuerk, CEO of Clear
Blue. “These results were in line with our October 5
pre-announcement and we reported our first quarter of positive
EBITDA. We see similar demand building in Q4 2023 and beyond and we
have the balance sheet to continue our growth resumption.”
Trailing Four Quarter (“TFQ”) Financial
Highlights:
-
TFQ revenue was $3,466,183, a 15% decrease from $4,090,017 in the
corresponding previous period. The current period was impacted by
the economic downturn triggered by the macro-economic events of
early 2022.
-
TFQ recurring revenue was $751,351, a 2% increase from $736,969 in
the corresponding previous period.
-
TFQ Gross Profit increased 7% to $1,321,021 from $1,238,245 in the
comparable period.
-
Gross margin percentage increased to 38%, compared to 30 % in the
same TFQ period of 2022.
-
TFQ Adjusted EBITDA was $(2,618,881), a 31% reduction from
$(3,792,410) in the previous period.
Q3 F2023 Operational
Highlights
- In the quarter
the Company shipped 920 power control devices across 18 orders, a
quarterly record for units shipped;
- Further to its
September 20, 2023 news release, Clear Blue has completed its
previously announced amendments to certain of its unsecured
convertible debentures in the aggregate principal amount of
$4,334,000 and additionally completed its shares for debt
transaction with an arm's length lender;
- Opened a new
manufacturing facility in Sweden for our Esite product;
Subsequent Events
- On November 21,
2023, the Company announced an alliance partnership with Watt
Renewable. As part of this alliance, Clear Blue received an initial
order for 160 systems for a total purchase price of $1.58 million.
This order is expected to ship in Q4 2023 and Q1 2024.
Outlook
Management expects Q4 2023 revenue to be between
$1.8 million to $2 million, with the low end of this range
occurring in the event that some suppliers slip their scheduled
shipments from Q4 2023 into Q1 2024. Gross Margin, expenses, and
net income will generally be in line with previous quarters.
Heading into 2024, the Company sees several
exciting market trends that support continuing strength in the
Company’s sales funnel. Some of our existing partners have solid
volumes forecasted for next year with supportive financing – which
bodes well for our forecasted sales volumes of our Nano-Grid
product in 2024. Supporting our strongest ever sales funnel is
management’s cash-centric focus. Revenue growth, net-zero cash burn
and positive EBITDA are still our objectives for the rest of the
year.
Of the $2,914,882 in bookings as at the end of
Q3, we expect to recognize 76% as revenue over the next 12 months.
The large order announced with Watt Renewable will now be mostly
delivered in Q1 2024 due to timelines of supply chain and the
Christmas shutdown. Some of the order will also be delivered in Q4
2023.
Operationally, our product line has never been
more robust due to the eSite acquisition as well as bringing to
market three new products in the last 12 months, which
significantly expands our addressable market. The sales funnel
shows strength in all markets, with all our products, and we expect
this to contribute to the Company’s revenue for the remainder of
2023 and for 2024. Our Illumient lighting product is seeing solid
demand and growth. CBT regularly undertakes detailed design and
engineering prior to orders being received, and while annual
budgets need to be confirmed by the buyers, the slate of projects
for 2024 is quite strong, giving us comfort that we will see strong
growth for the product next year.
Esite-Micro is also going to strongly contribute
in 2024 and could contribute over 50% of our total revenue for the
year. We have 8 large customers who have adopted the new
Esite-Micro product which integrates Esite’s unparalleled power
electronics with Clear Blue’s industry leading Smart Power
management services. As the telecom industry aggressively moves
their install base away from diesel generators and towards solar,
investments being made are significant and Clear Blue’s leadership
in Smart Power solar and hybrid systems allows us to deliver
unparalleled performance for these migrations. Indeed, there are
some large conversion programs being planned for 2024 within the
market and Clear Blue is in a strong position to win a good portion
of this business. While nothing is assured at this point, the
opportunity is maturing in our sales funnel and could have a large
impact on 2024 and 2025 revenue.
In summary, management is pleased with our
progress since the start of fiscal 2023. The remainder of 2023 is
expected to deliver solid results, and we look forward to showing
strong growth into 2024.
Conference Call
Clear Blue will host a conference
call Thursday at 11:00 a.m. Eastern Time, to review the
Company's performance and answer questions. Those interested can
register here.
For more information, contact:
Miriam Tuerk, Co-Founder and CEO+1 416 433
3952investors@clearbluetechnologies.com
www.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital+1 437 836
9669Nik@SophicCapital.com
About Clear Blue Technologies
International
Clear Blue Technologies International, the Smart
Off-Grid™ company, was founded on a vision of delivering clean,
managed, “wireless power” to meet the global need for reliable,
low-cost, solar and hybrid power for lighting, telecom, security,
Internet of Things devices, and other mission-critical systems.
Today, Clear Blue has thousands of systems under management across
37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA:
0YA) (OTCQB: CBUTF)
Legal Disclaimer
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described in this news release. Such securities have not been, and
will not be, registered under the U.S. Securities Act, or any state
securities laws, and, accordingly, may not be offered or sold
within the United States, or to or for the account or benefit of
persons in the United States or “U.S. Persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption from such
registration requirements.
Forward-Looking Statement
This press release contains certain
"forward-looking information" and/or "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking information and forward-looking statements are not
representative of historical facts or information or current
condition, but instead represent only Clear Blue’s beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of Clear Blue's
control. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or may contain
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "will continue", "will occur"
or "will be achieved". The forward-looking information contained
herein may include, but is not limited to, information concerning
financial results and future upcoming contracts.
By identifying such information and statements
in this manner, Clear Blue is alerting the reader that such
information and statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Clear Blue to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of Clear Blue is
speculative and subject to several risks including, without
limitation, the risks discussed under the heading "Risk Factors" in
Clear Blue's listing application dated July 12, 2018. Although
Clear Blue has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information and forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended.
In connection with the forward-looking
information and forward-looking statements contained in this press
release, Clear Blue has made certain assumptions. Although Clear
Blue believes that the assumptions and factors used in preparing,
and the expectations contained in, the forward-looking information
and statements are reasonable, undue reliance should not be placed
on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information
and statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release. All subsequent written and oral forward-
looking information and statements attributable to Clear Blue or
persons acting on its behalf is expressly qualified in its entirety
by this notice.”
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described in this news release. Such securities have not been, and
will not be, registered under the U.S. Securities Act, or any state
securities laws, and, accordingly, may not be offered or sold
within the United States, or to or for the account or benefit of
persons in the United States or “U.S. Persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption from such
registration requirements.
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